A significant producer of technical textiles for the Indian and international markets, Garware Technical Fibres Ltd., has reported a 10% rise in net sales to fiscal year 2023 (FY23) total of $135.6 billion, up from fiscal year 2022 total of $118.4 billion.
In FY23, the profit before tax increased by 3% to 223.2 crore from 216.4 crore in the previous year. In FY23, the net profit after tax increased by 5% from FY22’s level of 164.8 crore to 172.2 crore. In its financial results for the quarter and year ended March 31, 2023, the business stated that the earnings per share (EPS) for FY23 was at 83.54, showing a 5-percent improvement over the twelve months of FY22.
Observing theGarware Technical Fibres reported a significant rise in net sales for the fourth quarter of FY23 (Q4 FY23) of 35% quarter-over-quarter (QoQ), totaling 370.5 crore compared to 274.6 crore in Q3 FY23. Net sales increased by 4% on a year over year (YoY) basis from 361.3 crore in Q4 FY22.
The company’s net profit after tax for the fourth quarter of FY23 increased significantly, rising 63% QoQ to 59.6 crore from 36.6 crore in the third quarter. From 53.9 crore in Q4 FY22, the net profit after tax increased by 11% on a year over year basis.
“Results from the most recent quarter demonstrate improved performance on all fronts. PAT for Q4F23 increased dramatically by 63% compared toimmediately preceding quarter Q3 F23. Operating EBIDTA margins improved to 21.5 per cent in Q4 F23 versus 2O.6 per cent in Q4 FY22, primarily on account of strong pull from customers for new aquaculture products in Chile and Scotland. Due to focused and concentrated approach on funds release from operations, the company has done well on working capital management and as a result, cash generation from operations has significantly improved over the previous year,” said Vayui Garware, CMD, Garware Technical Fibres.
The EPS for Q4 FY23 was reported at ₹28.95, marking an 11-per cent growth over Q4 FY22.